Teekay Offshore Partners L.P. changes its name to Altera Infrastructure L.P. as part of global group rebranding initiative
March 24 2020 - 3:00AM
Teekay Offshore Partners L.P. (the “Partnership”) today announced
that its name has changed to Altera Infrastructure L.P. effective
24 March 2020. The Partnership announced that the group of entities
comprising of the Partnership’s affiliates and subsidiaries
(formerly referred to as Teekay Offshore) (the “Group”) is
rebranding to Altera Infrastructure. As previously announced
in advance, also effective March 24, 2020, the Partnership’s
preferred units, which previously traded on the New York Stock
Exchange (“NYSE”) under the ticker symbols “TOO PR A”, “TOO PR B”
and “TOO PR E”, respectively, now trade on NYSE under the new
ticker symbols “ALIN PR A”, “ALIN PR B” and “ALIN PR E”.
With the new brand, the Group also presents a
new vision and visual identity.
“In support of our new vision to lead the industry to a
sustainable future, we are establishing a global energy
infrastructure services business that will create long term value
for its stakeholders. Upholding our uncompromised commitment to
operational excellence and safety, we will be relentless in our
pursuit of opportunities that lead to strong results and lower
emissions and we stand firm to these principles through the current
period of market volatility. There will be a transition in our part
of the industry, and we are committed to be at the forefront,” says
Ingvild Saether, President & Chief Executive Officer, Altera
Infrastructure Group Ltd.
OSE Ticker code changes
At the same time, Teekay Shuttle Tankers
L.L.C., a subsidiary of the Partnership, announced that,
in addition to changing its name to Altera Shuttle Tankers L.L.C.
effective March 24, 2020, its two bonds which currently trade on
the Oslo Stock Exchange (“OSE”) under the ticker symbols “TST01”
and “TST02 G” will, effective March 25, 2020, trade on OSE under
the new ticker symbols “AST01” and “AST02 G” respectively.
Forward Looking Statements
This press release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995,
including statements related to the Partnership’s strategies and
plans for creating stakeholder value. Such statements are subject
to risks and uncertainties that could cause actual results to
differ materially from those projected. Important factors that
could cause actual results to differ materially from the
Partnership’s expectations and may adversely affect the
Partnership’s business and results of operations may include
unanticipated market volatility (such as volatility resulting from
the recent COVID-19 outbreak), as well as those risk factors
disclosed in Item 3 of the Partnership’s Annual Report on Form 20-F
for the year ended December 31, 2019, filed with the U.S.
Securities and Exchange Commission (the “SEC”) on February 28,
2020, as updated and supplemented by subsequent filings with the
SEC. The forward-looking statements speak only as of the date made,
and, other than as may be required by law, the Partnership
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
About Altera
Infrastructure
Altera Infrastructure is a leading global energy infrastructure
services provider primarily focused on the ownership and operation
of critical infrastructure assets in offshore oil regions of the
North Sea, Brazil and the East Coast of Canada.
Altera Infrastructure has consolidated assets of approximately
$5.2 billion, comprised of 56 offshore assets, including floating
production, storage and offloading (FPSO) units, shuttle tankers
(including five new builds), floating storage and offtake (FSO)
units, long-distance towing and offshore installation vessels and a
unit for maintenance and safety (UMS). The majority of Altera
Infrastructure’s fleet is employed on medium-term, stable
contracts. Affiliates of global asset manager Brookfield Business
Partners L.P. (NYSE: BBU) (TSX: BBU.UN) own 100 percent of Altera
Infrastructure’s general partner.
Altera Infrastructure L.P.’s preferred equity units trade on the
New York Stock Exchange under the symbols “ALIN PR A”, “ALIN PR B”
and “ALIN PR E”, respectively.
For Investor Relations enquires contact: Jan Rune
Steinsland, Chief Financial Officer Tel:
+47 97 05 25 33 E-mail:
janrune.steinsland@alterainfra.com |
For Media enquires contact: Axel Wiedenmann,
Director Communications Tel: +47 95 16
30 22 E-mail: media@alterainfra.com |
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